Stop! Your Lease Extension in Hatton Could Be FREE

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Many leaseholders in Hatton are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Hatton has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Hatton lease extension

Main reasons to commence your Hatton lease extension today:

A Hatton lease depreciates with the years remaining on the lease.

The value of Hatton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold residencies in Hatton with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders may not lend on a short lease

Nearly all mortgage lenders require a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be aware that it is probable that someone wishing to purchase your property in the future might well do, so where they are not able to secure a mortgage, then the market price of the property could be adversely impacted. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to lend on

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Hatton?

The conveyancers that we work with undertake Hatton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Hatton Lease Extension Case Studies:

Callum, Hatton, Warwickshire

Two years ago Callum, started to get close to the eighty-year mark with the lease on his one bedroom apartment in Hatton. Having purchased his flat two decades ago, the lease term was of minimal relevance. Fortunately, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Callum arranged for a lease extension at the eleventh hour last May. Callum and the landlord eventually settled on an amount of £5,500 . If he not met the deadline, the price would have gone up by at least £925.

Hatton case:

In 2011 we were called by Mr Harrison Miller who, having moved into a one bedroom flat in Hatton in August 2003. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Comparable premises in Hatton with a long lease were valued around £171,800. The mid-range amount of ground rent was £55 invoiced quarterly. The lease end date was in 2076. Taking into account 50 years remaining we calculated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 plus professional charges.

Decision in Hounslow

An example of a Lease Extension matter before the tribunal for a Hatton property is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case was in relation to 1 flat. The remaining number of years on the lease was 82.93 years.